The Nigerian naira plunged to a new record low, closing at N1,700 per dollar in the parallel market on October 14, 2024, according to data from Bureau de Change (BDC) operators.
This marks a 0.29% decline from the previous rate of N1,695/$1 recorded on October 11, despite a rise in crude oil prices, which have now exceeded $80 per barrel.
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While the naira weakened in the parallel market, it remained relatively stable in the Investors and Exporters (I&E) window, where it closed at N1,641.27/$1.
However, this still represents a 1.14% depreciation from its earlier rate of N1,622.57/$1.
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